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Wednesday, 24 June 2015

PAN CARD Application form

What is a PAN Card?

PAN stands for Permanent Account Number. It was the Indian’s income tax department which introduced this card. The Central Board of Direct Taxes regulates the income tax department in India, and you need to fill up the PAN CARD Application form to get the card issued on your name. Initially this card was only used to get mobile network connections, but nowadays an Indian citizen needs it to open an account in a bank and other purposes as well. Having a PAN card has become very important these days. People carry it with them all the time.

PAN Card is similar to social security number.

The way the citizens of United States have been given a social security number, similarly India came up with this unique ten digit number for citizens to make sure that people do not get away from not paying income tax regularly. India was facing economy issues due to the revenues falling short, and this PAN card was a tool to handle the situation. The PAN number is like an identity proof for the citizens of India. The card consists of 10 digits, the first five being alphabets followed by 4 numbers and then an alphabet at the end. You will get your card after you fill up the PAN CARD Application form and submit it.

The income tax department can easily get your details and income tax payment information with the help of your PAN card. The card also has a small snap of the PAN card holder. It is the sequence of numbers and alphabets on the card which determine its authentication. The card even has the date of birth of the card holder. This card is used for other purposes as well where your date of birth needs to be verified.

PAN Card is mandatory for Indians

Even if you are not earning and do not fall under the income tax taxable slab, you still need to have a PAN card. If you still have not applied for one, get the PAN CARD Application form, fill it up completely and submit it with the documents required. The 10 digit account number has certain positions of the characters which help in determining certain things. PAN card can be assessed even if your income tax liability is zero. It is completely in the hands of the income tax department to decide and do the assessments.

There are quite a few things in which a PAN card can be used, like while selling or buying properties, trading in shares and stocks, etc. Thus go and fill the PAN CARD Application form if you have not yet done so. Getting a VISA also requires the applicant to have a PAN card, which shows how important this card has become. Financial transaction within India requires the mentioning of your PAN card number in all the transactions. You can easily visit the PAN card website to know more about it and to apply for the card and keep a track on the status.